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dc.contributor.authorSong, Jie
dc.contributor.authorMartens, Annelies
dc.contributor.authorVanhoucke, Mario
dc.date.accessioned2020-06-03T19:18:07Z
dc.date.available2020-06-03T19:18:07Z
dc.date.issued2020en_US
dc.identifier.issn0377-2217
dc.identifier.doi10.1016/j.ejor.2020.03.069
dc.identifier.urihttp://hdl.handle.net/20.500.12127/6514
dc.description.abstractThe main goal of project control is to identify the deviations between the baseline schedule and the actual progress of the project by measuring the project performance in progress and using the project control methodologies to generate warning signals that act as triggers for corrective actions to bring the project back on track. To that purpose, tolerance limits are set on the required project performance, such that if the warning signals exceed these limits, they should result in appropriate corrective actions. In this paper, the Earned Value Management (EVM) control method and its extensions are used to test their abilities in taking corrective actions under a budget constraint. More precisely, four different approaches are proposed for allocating the limited budget along the different project phases, and whether a proper allocation of the budget results in an increase of the expected project outcome is measured. A large computational experiment is conducted on a set of artificial projects to assess the efficiency and effectiveness of the budget allocation models. Results show that simply allocating budget according to the time accrue of projects performs better than methods that take cost, time/cost or risk information into account. Moreover, results indicate that allocating a budget that increases in later stages of the project is beneficial for the outcome.en_US
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.subjectProject Managementen_US
dc.subjectProject Controlen_US
dc.subjectEarned Value Managementen_US
dc.subjectBudget Allocationen_US
dc.subjectSimulationen_US
dc.titleThe impact of a limited budget on the corrective action taking processen_US
dc.identifier.journalEuropean Journal of Operational Researchen_US
dc.source.volume286en_US
dc.source.issue3en_US
dc.source.beginpage1070en_US
dc.source.endpage1086en_US
dc.contributor.departmentFaculty of Economics and Business Administration, Ghent University, Tweekerkenstraat 2, 9000 Gent Belgiumen_US
dc.contributor.departmentSchool of management, Northwestern Polytechnical University, Xi’an, Shaanxi 710129, PR Chinaen_US
dc.contributor.departmentUCL School of Management, University College London, 1 Canada Square, London E14 5AA United Kingdomen_US
dc.identifier.eissn1872-6860
vlerick.knowledgedomainOperations & Supply Chain Managementen_US
vlerick.typearticleVlerick strategic journal articleen_US
vlerick.vlerickdepartmentTOMen_US
dc.identifier.vperid58614en_US


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